Key Developments: Wet Seal Inc (WTSL.OQ)

WTSL.OQ on NASDAQ Stock Exchange Global Select Market

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22 Oct 2014
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Latest Key Developments (Source: Significant Developments)

Wet Seal Inc sees Q3 2014 EPS outlook at low end of prior range; updates Q3 2014 comparable store sales outlook; gives Q3 2014 severance charge outlook
Tuesday, 14 Oct 2014 04:05pm EDT 

Wet Seal Inc:Says as a result of workforce reduction, company expects to incur a one-time severance charge of about $0.6 million in Q3 2014.Says loss per share for Q3 2014 is expected to be about $0.28, or at low end of previously stated outlook of between $0.22 and $0.28, before non-cash asset impairments, severance, Arden B exit costs and fair value adjustment for warrants and embedded derivatives.Says Q3 2014 Comparable store sales, including e-commerce, is expected to decline in the high teens.  Full Article

Wet Seal Inc announces initial steps in cost savings plan
Tuesday, 14 Oct 2014 04:05pm EDT 

Wet Seal Inc:Says that it has begun the initial steps to reduce the company's overall cost structure.As part of this initiative, the company instituted a workforce reduction resulting in the elimination of a combination of 78 filled and open positions.These include 66 positions at the company's corporate office, representing a 24 pct reduction in headcount, and 12 positions at the field management level, representing a 20 pct decrease.  Full Article

Wet Seal, Inc. announces departure of chief financial officer
Thursday, 2 Oct 2014 04:05pm EDT 

Wet Seal, Inc:Announces that chief financial officer, Steve Benrubi, has resigned and will remain with the company through Dec. 1, to assist with the transition.  Full Article

Wet Seal Inc gives Q3 2014 EPS guidance below analysts' estimates; gives Q3 2014 comparable store sales guidance
Wednesday, 10 Sep 2014 04:05pm EDT 

Wet Seal Inc:Expects Q3 2014 loss per diluted share, before non-cash asset impairments, severance, Arden B exit costs and fair value adjustment for warrants and embedded derivatives, to be in the range of $0.22 to $0.28.Says Q3 2014 guidance is based on a comparable store sales decline, including e-commerce, in the mid to high teens.Q3 2014 EPS of $(0.09) - Thomson Reuters I/B/E/S.  Full Article

Wet Seal Inc appoints Edmond Thomas as Chief Executive Officer
Wednesday, 3 Sep 2014 11:25am EDT 

Wet Seal Inc:Announced changes to its management team and Board of Directors, and reported preliminary second quarter financial results.Edmond Thomas is rejoining the company as Chief Executive Officer and a member of the Board of Directors, starting on Sept. 8.  Full Article

Wet Seal Inc announces intent to conduct rights offering
Wednesday, 3 Sep 2014 11:25am EDT 

Wet Seal Inc:Intends to conduct a rights offering which will allow the company to raise equity capital through the sale of shares of its Class A common stock to its stockholders.Anticipates that the size of the rights offering will be between $25 and $30 million.Anticipates that it will distribute, at no charge, non-transferable subscription rights to its holders of common stock as of a record date which will be established in the future.  Full Article

Wet Seal Inc announces private placement of $18.5 mln
Wednesday, 3 Sep 2014 11:25am EDT 

Wet Seal Inc:Entered into a securities purchase agreement to sell shares of its Class A common stock to a limited number of institutional investors in a private placement.Subject to the terms of the placement, the Company expects to receive at the closing gross proceeds from the placement of approximately $18.5 million.  Full Article

Wet Seal Inc gives Q2 2014 EPS outlook below analysts' estimates; gives Q2 2014 comparable store sales guidance
Tuesday, 27 May 2014 04:05pm EDT 

Wet Seal Inc:Says for Q2 2014 it expects loss per diluted share, before non-cash asset impairments and Arden B exit costs, to be in the range of $0.09 to $0.12, which includes a loss of $0.02 per diluted share from the Arden B business segment.Says Q2 2014 guidance is based on a comparable store sales decline, including e-commerce ranging from 8 pct to 11 pct.Q2 2014 EPS of $(0.04) - Thomson Reuters I/B/E/S.  Full Article

The Wet Seal Inc to exit Arden B Business
Friday, 25 Apr 2014 07:00am EDT 

The Wet Seal Inc:Says it will begin winding down its Arden B brand.31 Arden B locations will transition to Wet Seal Plus merchandise and the remaining 23 locations will transition from Arden B to Wet Seal merchandise.Where permissible, Arden B locations will be refreshed with either Wet Seal or Wet Seal Plus signage.Company expects to complete this conversion by the start of back-to-school selling season in late July.  Full Article

Wet Seal Inc reiterates Q1 2014 outlook
Friday, 25 Apr 2014 07:00am EDT 

Wet Seal Inc:Reiterates Q1 2014 outlook.Expects Q1 2014 net loss per diluted share, before non-cash asset impairments and charges related to the wind-down of Arden B operations, of between $0.16 and $0.19.Expects Q1 2014 comparable store sales, including e-commerce, in the negative mid- to high- teens.Q1 2014 EPS of $(0.18) - Thomson Reuters I/B/E/S.  Full Article

Retailer Wet Seal changes CEO as second-quarter disappoints

- Struggling apparel retailer Wet Seal Inc changed its chief executive for the second time in just over two years as it battles falling same-store sales and mounting losses.

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